Walgreen Posts Sales Decline in February

By RetailFOXBusiness

Walgreen (NYSE:WAG) reported a 4.3% drop in same-store sales last month due in part to an extra day in the year-earlier period, while sales edged down during the full second quarter.

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The drug-store chain said on Tuesday its sales totaled $18.63 billion, down 0.1%, for the quarter ended Feb. 28. The results missed Wall Street’s view of $18.93 billion.

Excluding last year’s leap day, comparable store sales declined a narrower 0.6% and pharmacy sales at stores open more than a year remained level. Prescriptions filled at those stores climbed 6.5%.

February’s front-end comparable store sales fell 1.4% as demand for flu-related products began to ease last month.

Walgreen opened 11 stores last month, including five relocations, and close one.

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The company’s results during the same period last year were weighed down by a contract dispute with pharmacy benefits manager Express Scripts (NASDAQ:ESRX) that led millions of customers to transfer prescriptions to rival pharmacies. However, millions have returned to Walgreen after the two companies agreed to a new deal that began in September.

Shares of Walgreen were down 1.17% to $41.28 a share in early trading Tuesday.